Start your online application today! APPLY NOW
Home equity loans are a great way to take advantage of the equity you have built up in your home. You can use this equity to make home improvements, consolidate debt, or make a large purchase such as a vacation home.
Home equity loans have a fixed interest rate, so you can rely on a steady payment month to month. Plus, our low rates and fees save you even more money!
Go to main navigation
A home equity loan is a loan secured by leveraging the equity that's available in your home and is sometimes referred to as a second mortgage. Your home's equity is the difference between its appraised market value and your mortgage balance. For example, if your home is valued at $300,000 and you owe $100,000 on your mortgage, your home equity would be $200,000.
Taking out a home equity loan can be helpful when you need a large sum of money for home renovations, a large purchase or any other purpose. It offers benefits like:
Getting started is easy! Our online application streamlines the process from start to finish. Submit documents and get updates on the status of your loan, all without leaving the comfort of your own home. Prefer to apply over the phone? Give us a call at 248-849-9453.
Selecting a home equity loan lender is an important decision. As you shop around for a home equity loan lender, ask yourself a few questions.
Numerous fees contribute to the total cost of your home equity loan. It's helpful to compare lender fees and pay attention to costs like:
Lenders may have requirements like combined loan-to-value (CLTV) — your desired loan amount plus your existing mortgage divided by your home value — and credit score minimums.
A good lender will be upfront with you about the entire loan process. They should provide straightforward communication and documentation to ensure you understand all loan terms.
Mortgage Center has been a trusted home equity loan lender for over 30 years. We offer highly competitive rates, industry expertise and personalized service to help you reach your homeownership goals. Our home equity experts can answer your questions and walk you through the process to help ensure you find the best option for your specific needs.
| Rate | APR | Points | Payment |
|---|---|---|---|
| 7.625% | 8.942% | 0.000 | $238.71 |
| Rate | APR | Points | Payment |
|---|---|---|---|
| 8.000% | 8.963% | 0.000 | $191.13 |
Please note that the interest rates and fees shown here are based on a $20,000 loan amount with an LTV <= 75% (detached and warrantable attached condo) for a primary residence in the city of Southfield, Michigan. These rates are only available for loans that are subordinate to a 1st mortgage. The actual interest rates and fees available will be based on actual credit history and may be different than the rates and fees displayed here. The interest rates, APRs, and points are based upon the time of creation for this rate sheet and vary depending on the specific credit terms and property analysis. The interest rates, APRs and points shown may change throughout the day due to varying market conditions. Rates effective as of November 22, 2024. Rates are subject to change. To get more accurate and personalized results, please call 248-849-9453 to talk with a loan expert. | |||
